11 Jul 2013
EUR/USD overtakes 1.3070 region
FXstreet.com (New York) - The EUR/USD foreign exchange rate shot up during Asian Trading Thursday, having overtaken the 1.3070 level, establishing fresh session highs in these moments.
Dovish Fed comments roils USD
The genesis of this thrust can be traced back to Fed Chairman Ben Bernanke and his earlier press conference, which sent currencies soaring against the USD in the aftermath of the dovish comments.
EUR/USD strategic bias
The EUR/USD is presently sailing higher at 1.3078, securing a robust advance of +0.72% during Asian trading. “Technically, in the short-term, the Euro has found itself on slightly more solid ground after its recent sell-off and it is doing its best to break out above the top of the channel gearing up for another near-term test of the topside and back above 1.2900 and more importantly today’s highs would see a run towards 1.3000 (1.3004: 38.2% of 1.3415/1.2764). There are plenty of sellers up here, so this would not be easy to attain, unless Bernanke is extremely dovish, but above 1.3000 would see a run towards 1.3025 (100- day MA), 1.3075 (200-day MA and) 1.3085 (50%).” notes Jim Langlands at FX Charts.
Dovish Fed comments roils USD
The genesis of this thrust can be traced back to Fed Chairman Ben Bernanke and his earlier press conference, which sent currencies soaring against the USD in the aftermath of the dovish comments.
EUR/USD strategic bias
The EUR/USD is presently sailing higher at 1.3078, securing a robust advance of +0.72% during Asian trading. “Technically, in the short-term, the Euro has found itself on slightly more solid ground after its recent sell-off and it is doing its best to break out above the top of the channel gearing up for another near-term test of the topside and back above 1.2900 and more importantly today’s highs would see a run towards 1.3000 (1.3004: 38.2% of 1.3415/1.2764). There are plenty of sellers up here, so this would not be easy to attain, unless Bernanke is extremely dovish, but above 1.3000 would see a run towards 1.3025 (100- day MA), 1.3075 (200-day MA and) 1.3085 (50%).” notes Jim Langlands at FX Charts.